\begin{tabular}{l*{5}{c}} \toprule
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}\\
\midrule
\textbf{Panel A:} Brazil&                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.104&                -0.098&                -0.125&                -0.115\\
                    &       [-0.123,-0.084]&       [-0.115,-0.082]&       [-0.150,-0.100]&       [-0.136,-0.093]\\
\addlinespace
Robust              &                -0.139&                -0.115&                -0.146&                -0.127\\
                    &       [-0.169,-0.109]&       [-0.137,-0.093]&       [-0.186,-0.106]&       [-0.156,-0.098]\\
\midrule
\textit{N}          &                 40520&                113019&                 25695&                 73704\\
Bandwidth           &                  1.57&                  5.15&                  0.99&                  3.02\\


\midrule
\textbf{Panel B:} Colombia&                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.045&                -0.044&                -0.043&                -0.065\\
                    &       [-0.076,-0.015]&       [-0.073,-0.015]&       [-0.081,-0.006]&       [-0.101,-0.029]\\
\addlinespace
Robust              &                -0.052&                -0.067&                -0.069&                -0.046\\
                    &       [-0.100,-0.005]&       [-0.105,-0.028]&       [-0.127,-0.011]&        [-0.095,0.003]\\
\midrule
\textit{N}          &                 15041&                 30961&                 10614&                 22969\\
Bandwidth           &                  2.89&                  7.53&                  1.97&                  4.85\\


\midrule
\textbf{Panel C:} Denmark&                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.282&                 0.240&                 0.255&                 0.197\\
                    &         [0.214,0.351]&         [0.167,0.312]&         [0.181,0.328]&         [0.116,0.279]\\
\addlinespace
Robust              &                 0.154&                 0.159&                 0.118&                 0.135\\
                    &         [0.061,0.248]&         [0.067,0.250]&         [0.016,0.220]&         [0.031,0.239]\\
\midrule
\textit{N}          &                  2213&                  2718&                  2014&                  2496\\
Bandwidth           &                  3.08&                  6.15&                  2.36&                  4.56\\


\midrule
\textbf{Panel D:} Finland&                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.104&                 0.103&                 0.076&                 0.059\\
                    &         [0.072,0.136]&         [0.070,0.136]&         [0.040,0.112]&         [0.024,0.094]\\
\addlinespace
Robust              &                 0.052&                 0.046&                 0.060&                 0.046\\
                    &         [0.005,0.100]&         [0.008,0.084]&        [-0.002,0.122]&        [-0.001,0.093]\\
\midrule
\textit{N}          &                 20958&                 47883&                 14350&                 36840\\
Bandwidth           &                  1.10&                  2.89&                  0.79&                  1.96\\
Bandwidth selector  &                   MSE&                   MSE&                   CER&                   CER\\
Polynomial          &                Linear&             Quadratic&                Linear&             Quadratic\\
\bottomrule \end{tabular}

\midrule
\textbf{Panel B:} Colombia&                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.134&                -0.144&                -0.119&                -0.146\\
                    &        [-0.273,0.005]&       [-0.282,-0.006]&        [-0.274,0.036]&        [-0.304,0.013]\\
\addlinespace
Robust              &                -0.139&                -0.140&                -0.125&                -0.170\\
                    &        [-0.323,0.044]&        [-0.307,0.027]&        [-0.341,0.091]&        [-0.363,0.023]\\
\midrule
\textit{N}          &                 17031&                 32298&                 12102&                 24321\\
Bandwidth           &                  3.33&                  8.13&                  2.26&                  5.24\\


\midrule
\textbf{Panel C:} Denmark&                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.618&                 0.436&                 0.754&                 0.653\\
                    &         [0.092,1.143]&        [-0.118,0.990]&         [0.210,1.298]&         [0.079,1.227]\\
\addlinespace
Robust              &                 0.834&                 0.816&                 0.608&                 0.880\\
                    &         [0.190,1.477]&         [0.161,1.472]&        [-0.057,1.273]&         [0.139,1.620]\\
\midrule
\textit{N}          &                  1078&                  1317&                   996&                  1230\\
Bandwidth           &                  3.57&                  8.09&                  2.76&                  6.02\\

